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KCSMMHZ
Dec 28, 2012 2:30pm PST
think they will avoid the fiscal cliff. >> but neither side appears willing to give in. democrats, for example, are frustrated that republicans will not agree to raise taxes on the wealthy. >> the majority of rich people in our great country are willing to pay more. the only people who disagree with that are republicans who work in this building. >> republicans say that democrats want to spend too much money. so, as much of the united states digs out from yet another series of snowstorms, many average citizens are asking themselves what it will take to get politicians in washington to stop squabbling and come up with a compromise that will help put america's fiscal house in order. >> are both parties determined to go over the fiscal cliff together? let's bring in our washington correspondent for more on this. what can you tell us about the meeting coming up in less than an hour? what will the president talking about with the republican leadership? >> there are only six people who really know what is going on, and what will really happen at the white house, and they will not talk, but i expect them to talk about higher taxes for th
KCSMMHZ
Dec 31, 2012 5:30pm PST
falls off this cliff, ripple effects are expected. >> reporter: the term fiscal cliff has been making headlines recently. here's a brief explanation. it's a term used to refer to the economic fallout that might occur because of policy divisions in the u.s. congress. if democrats and republicans cannot come to an agreement on resolving the fiscal cliff by year end, sudden tax increases and drastic budget cuts will take effect and would dramatically slow the u.s. economy. let's look into the two main components of the fiscal cliff. first, taxes. democrats want to let tax cuts for the wealthy to expire but republicans are generally opposed to the plan. individuals would be hit with huge tax hikes if lawmakers cannot find common ground. second component of the fiscal cliff is large federal spending cuts. the cuts will take effect if the two parties fail to strike a deal. spending would be reduced in areas such as health care which democrats oppose. the defense budget would also be cut. republicans are against that happening. the u.s. congressional budget office says the sudden belt-tightening could cause negative growth by the fourth quarter of 2013. the unemployment rate is expected to rise above 9% if the economy dampens. the european and japanese economies are losing steam. economis
KCSMMHZ
Dec 28, 2012 5:30pm PST
optimistic democrats and republicans can reach a deal to steer clear of the so-called fiscal cliff, but he's got a backup plan if they can't. obama wrapped up a meeting at the white house with congressional leaders. they're trying to find a way to head off automatic tax increases and spending cuts that take effect in the new year which economists warned could trigger a recession. >> we're now at the point where in just four days, every american's tax rates are scheduled to go up by law. every american's paycheck will get considerably smaller. and that would be the wrong thing to do for our economy, it would be bad for middle class families, and it would be bad for businesses that depend on family spending. fortunately, congress can prevent it from happening if they act right now. i just had a good and constructive discussion here at the white house with senate and house leadership about how to prevent this tax hike on the middle class. and i'm optimistic we may still be able to reach an agreement that can pass both houses in time. >> the president obama says if time runs out, he wi
Search Results 0 to 2 of about 3